How to Open a Savings Account at a Bank
Starting a savings account is a smart financial decision. By putting away a percentage of your income each pay period, you'll begin building a nest egg, an account to be used for a large purchase, a rainy day fund or simply a cushion of money to be used for an unavoidable financial emergency. Fortunately, opening a savings account is relatively easy.
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Instructions
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Compare savings accounts at different banks. Look locally at credit unions and small banks, but also at larger national branches--like Bank of America, ING and CitiGroup. Rates on savings accounts are typically quite low but are based on market conditions.
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Choose a bank that is both convenient and financially beneficial. Remember to consider things like: availability of ATMs, overdraft protection, online banking and e-bill payments. Make sure the bank you choose will help you bank more efficiently and get the most bang for the bucks you let it hold.
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Apply online or at a local branch office. If you apply in person, you'll need to bring a cashier's check or cash to start the account (especially if the account has a minimum balance requirement) as well as two forms of ID. Ask the banking representative to explain the benefits and features of the account.
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Fill out the necessary paperwork to begin the account. If applying online, make sure the URL begins with "https," the universal sign of an encrypted and secure site.
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Provide the banking officer with the initial deposit. If applying online, you may need to verify the bank account before submitting your full deposit. This is usually accomplished by transferring a small amount from another account into the new savings account.
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Make sure to sign up for any additional programs attached to the savings account, if desired. These include overdraft protection, insurance and debit cards.
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References
- Photo Credit rainy day savings image by Pix by Marti from Fotolia.com
